Sample Assignment on Introduction to Malaysian Law of Contract
SAMPLE ASSIGNMENT ON
INTRODUCTION TO MALAYSIAN LAW OF CONTRACT
Select a hire purchase contract and compare the contract with a normal contract.
By AhmadRawi
The writer can be contacted at
scholars.assist@gmail.com
By AhmadRawi
The writer can be contacted at
scholars.assist@gmail.com
INTRODUCTION
A contract is an agreement between two or more persons (individuals, businesses, organizations, or government agencies) to do, or to refrain from doing, a particular thing in exchange for something of value. Contracts can generally be written using formal or informal terms, or they can be entirely verbal. If one side fails to live up to his part of the contract, there will be considered as a breach of contract and certain remedies for solving the differences are available. The terms of the contract, meaning, the who, what, where, when, and how of the agreement, define the binding promises of each party to the contract.
Hire Purchase is a type of consumer credit available to consumers. A hire purchase contract is a type of contract that is commonly entered by two parties namely individual or organization (hirer) and the loan facility provider. Hire purchase affairs in Malaysia are regulated by statute i.e. under the Malaysian Hire Purchase Act 1967. The Hire-Purchase Act 1967 is under the jurisdiction of the Ministry of Domestic Trade and Consumer Affairs and regulates the business of hire purchase financing which is normally carried out by Credit Companies licensed under the Moneylenders Act, 1951 (or being granted exemption) and Finance Companies licensed under the Banking and Financial Institutions Act, 1989 (BAFIA) (Lim, 2003,p.1). The Hire Purchase Act 1967 sets out the forms and contents of hire purchase agreements, the legal rights, duties, obligations of both hirer and financier.
Basically, hire purchase always deals with the hiring of goods with the option to buy the goods at the end of the hire purchase term. Therefore if a person
INTRODUCTION TO MALAYSIAN LAW OF CONTRACT
Select a hire purchase contract and compare the contract with a normal contract.
By AhmadRawi
The writer can be contacted at
scholars.assist@gmail.com
By AhmadRawi
The writer can be contacted at
scholars.assist@gmail.com
INTRODUCTION
A contract is an agreement between two or more persons (individuals, businesses, organizations, or government agencies) to do, or to refrain from doing, a particular thing in exchange for something of value. Contracts can generally be written using formal or informal terms, or they can be entirely verbal. If one side fails to live up to his part of the contract, there will be considered as a breach of contract and certain remedies for solving the differences are available. The terms of the contract, meaning, the who, what, where, when, and how of the agreement, define the binding promises of each party to the contract.
Hire Purchase is a type of consumer credit available to consumers. A hire purchase contract is a type of contract that is commonly entered by two parties namely individual or organization (hirer) and the loan facility provider. Hire purchase affairs in Malaysia are regulated by statute i.e. under the Malaysian Hire Purchase Act 1967. The Hire-Purchase Act 1967 is under the jurisdiction of the Ministry of Domestic Trade and Consumer Affairs and regulates the business of hire purchase financing which is normally carried out by Credit Companies licensed under the Moneylenders Act, 1951 (or being granted exemption) and Finance Companies licensed under the Banking and Financial Institutions Act, 1989 (BAFIA) (Lim, 2003,p.1). The Hire Purchase Act 1967 sets out the forms and contents of hire purchase agreements, the legal rights, duties, obligations of both hirer and financier.
Basically, hire purchase always deals with the hiring of goods with the option to buy the goods at the end of the hire purchase term. Therefore if a person